Mixed-use development in Galway business park for €5m

An attractive apartment and retail development close to Terryland Shopping Centre on the outskirts of Galway city has come on the market through agents Cushman & Wakefield at a guide price of €5 million.

The Cuirt na hAbhann development in Liosban Business Park includes 42 apartments and three ground-floor commercial units with parking at basement level.

The 24 two-bedroom apartments and 18 one-bedroom units are producing a rental income of €417,240. One of the three retail buildings is let at €7,500 per annum while the others are vacant.

Patricia Staunton of Cushman & Wakefield expects good interest in the development because of its close proximity to NUIG, University Hospital Galway and the city centre. She also expects rental growth in the immediate future due to the strong demand for residential accommodation in the city.

Also in Galway, Cushman & Wakefield is quoting €3 million for one of the best-known petrol filling stations in the city. Ballybrit Service Station comes with a convenience store and is let on a 25-year lease from 2006 at a rent of €300,000 per annum. The lease provides for five yearly upwards-only rent reviews.

Sean Coyne of the selling agents describes the station as an "excellent investment" which will show a net initial return of 9.6 per cent. He expects interest from both local and national investors.